IREN price target raised to $19 from $13.50 at Macquarie

Macquarie raised the firm’s price target on IREN (IREN) to $19 from $13.50 and keeps an Outperform rating on the shares. The company’s Q1 results missed market expectations, similar to peers, with ongoing netwtork difficulty, a widely understood phenomenon, the analyst tells investors in a research note. The firm added that it continues to incorporate HPC-AI, which is still in its nascent stage, and that it expects meaningful contracts, should they come to fruition, to drive upside risk.